Internet of Things and Trending Technologies
The internet of things is the game changer for business ecosystem transformation. It is a buzz that has entered in almost all leading business industries. The IoT landscape is expanding exponentially and now it has become extremely important for professionals to comprehend it. Whether it is advancements in medicines, smart homes, therapies, manufacturing or hospitality industry, IoT has transformed various industries.
The success mantra of IoT is customer centricity. According to research, over 9 billion of physical objects (Things) are connected to the internet and the number may rise over 20 million in the near future.
Internet of things mainly features two kinds of devices. First, the sensors that gather and track data. Second, actuators or locks that perform some tasks based on readable data.
So, if IoT can alone bring such significant changes in industries and businesses, imagine what will happen if you merge it with its revolutionary counterparts. Read this blog to discover the connection between IoT and trending technologies to carve a new future.
IoT and Trending Technologies to Transform Future
1.) IoT and Big Data
IoT is a major source of data that organizations are holding on for the purpose of analysis. Here, in this stage, big data comes into the picture. Big data analytics analyzes the IoT generated data from connected devices that further helps to improve decision-making.
How Companies are Gaining Profits with Amalgamation of IoT and Big Data
- The combination of IoT and Big Data enables organizations to make real-time decisions about pricing, sales, and other things. It is only possible if they get accurate information processes in the form of actionable insights.
- Businesses can access and analyze their parameters of success. Internet of things captures information and Big Data turns it into valuable insights.
- Improves decision-making and allows business leaders to see their supply chain, end-to-end.
2.) IoT and Artificial Intelligence
The conjunction of these two broad technologies is positively impacting various verticals of different industries globally. IoT captures data from an end number of devices and artificial intelligence (AI) turn these devices smart.
Here are some use cases of IoT and AI
- Businesses can improve their product and services to meet the expectations of customers by collecting user data and revealing their sentiments. Now, companies can use the blend of these two to automate decisions and encourage faster deliveries.
- With the use of predictive maintenance, companies can prevent costly downtime in industries. It enables service providers to learn about the industrial equipment before it makes an expensive impact on operations.
3.) IoT and Blockchain
According to most enterprises, Blockchain technology and IoT could have a positive impact on business. On one hand, where IoT is merging data capturing devices, there is blockchain on the other hand that is helping companies to manage real-time records securely.
These two together will give you a permanent, secure and automated method to capture and store data from smart devices.
4.) IoT and Machine Learning
The basis of IoT application is Machine to Machine (M2M) communication. Machine learning is the ability of a machine to alter the outcome of certain operations based on specific factors.
Here are some use cases where IoT and Machine learning can do wonders
- With the combined application of IoT and Machine learning, enterprises can create their customer buying behavior patterns.
- Installation of machine learning solutions with IoT applications can help businesses save massively on costs. For instance, industrial IoT can use Machine learning to issue an alarm when a machine needs maintenance. It is a preventative measure to reduce the risk of a breakdown.
Final Thoughts
Companies are now enjoying the immense profits offered by the latest technologies. Combining all these technologies mentioned above with IoT will help businesses to improve their overall efficiency and productivity.
Oodles ERP offers a wide range of ERP development services including IoT and Blockchain integrations to enable your business to unleash its true potential. Surely, by merging these big technologies; ERP, IoT, and Blockchain, you can take your business to the next level. However, it would require an IT company like Oodles which offers development services in all these domains.
Also Read: Best ways to Improve Cloud ERP with AI and Machine Learning
